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Around 257 pharmaceutical manufacturers in Bangladesh produce drugs to meet 98% of domestic demand, while importing specialized drugs like vaccines and cancer medications for the remaining 2%. The pharmaceutical industry contributes 1.83% to Bangladesh's GDP and had export revenues of over $100 million in 2017-2018. However, pharmaceutical exports only make up 0.4% of Bangladesh's total exports. The industry relies heavily on importing raw materials and lacks facilities for bioequivalence testing and modern drug testing laboratories, presenting opportunities for growth in backward integration and export registration. High registration fees in importing countries also limit the number of Bangladeshi drugs that can be exported.
Around 257 pharmaceutical manufacturers in Bangladesh produce drugs to meet 98% of domestic demand, while importing specialized drugs like vaccines and cancer medications for the remaining 2%. The pharmaceutical industry contributes 1.83% to Bangladesh's GDP and had export revenues of over $100 million in 2017-2018. However, pharmaceutical exports only make up 0.4% of Bangladesh's total exports. The industry relies heavily on importing raw materials and lacks facilities for bioequivalence testing and modern drug testing laboratories, presenting opportunities for growth in backward integration and export registration. High registration fees in importing countries also limit the number of Bangladeshi drugs that can be exported.
Around 257 pharmaceutical manufacturers in Bangladesh produce drugs to meet 98% of domestic demand, while importing specialized drugs like vaccines and cancer medications for the remaining 2%. The pharmaceutical industry contributes 1.83% to Bangladesh's GDP and had export revenues of over $100 million in 2017-2018. However, pharmaceutical exports only make up 0.4% of Bangladesh's total exports. The industry relies heavily on importing raw materials and lacks facilities for bioequivalence testing and modern drug testing laboratories, presenting opportunities for growth in backward integration and export registration. High registration fees in importing countries also limit the number of Bangladeshi drugs that can be exported.
As per Bangladesh Association of Pharmaceutical Industries (BAPI) and Directorate General of
Drug Administration (DGDA):
Around 257 authorized pharmaceutical makers are working in Bangladesh and around 150 are utilitarian. These assembling organizations meet around 98% of neighborhood request. Specific items like antibodies, against malignant growth items and hormone medications are imported to meet the remaining 2% of the demand. 80% of the medications created in Bangladesh are conventional medications, rest 20% are licensed medications. As per Director General of Drug Administration (DGDA), the industry has:
The market size of Residential market estimation of Pharmaceutical items in Bangladesh
is BDT 205.12 billion now. As indicated by Bangladesh Bureau of Statistics, the industry has contributed 1.83% to the GDP in 2017-18 at steady costs. Export Revenue has crosssed $100 million benchmarks in 2017-18. But the Exports growth is not satisfactory and more export to be made in the upcoming financial years. According to Bangladesh Association of Pharmaceutical Industries (BAPI), approximately 1,200 pharmaceutical products received registration for export over the last two years and are being exported to more than 145 countries including USA, UK, Australia and Africa. According to Export Promotion Bureau (EPB), in the fiscal year 2017-18, Bangladesh has exported pharmaceuticals product worth USD 103.46 million as against USD 89.17 million in 2016-17. Over the last 7 years, export revenue CAGR was nearly 12.8%. However, pharmaceutical export contributes only 0.4% of total export of Bangladesh. Hence, the contribution of export sales in pharmaceuticals industry is not significant.
Opportunities and problems in the industry:
Pharmaceutical industry of Bangladesh has colossal chance to develop later on. Bangladesh has an overflow of pharmaceutical industry-centered HR and the detailing business is well-created and contributing intensely for future development. Significant conventional center points India and China are losing cost focal points. Cost of work in Bangladesh is 3 to 4 time lower than that of China and India. Therefore, Bangladesh has chance to send out pharmaceutical items more than that of India and China. So, Bangladesh offers critical assembling cost preferences because of the lower cost of work. In the meantime, significant makers of pharmaceutical crude materials in India and China won't most likely produce the licensed crude material because of the confinements from World Health Organization (WTO). In this way, Bangladesh can trade nonexclusive medications to outside nations effectively. Absence of Backward Linkage: Pharmaceutical part in Bangladesh has progressed for the most part in the generation of completed medications. At present, we are extraordinarily reliant on different nations for bringing in crude materials for the creation of completed items. At present, over 90% of crude materials are imported. For all intents and purposes, we are reliant on our own rivals for crude materials. The govt. has showed a drive to build up an API park and the work is going on. Be that as it may, the nation needs more API parks to reinforce its regressive linkage. Absence of Modern Drug Testing Laboratory: The medication testing research facility is the focal quality observing offices of medication expert of Bangladesh. It isn't present day and very much prepared. In this way, our medication control expert faces issues in checking the nature of medications made by various organizations. Outside purchasers and administrative experts likewise bring up issue about the status of our medication testing research facility. Absence of Bioequivalence Test Facility: Bioequivalence trial of an item is must to be enlisted in many controlled and modestly managed nations. In our nation, there is no bioequivalence concentrate focus at present. So as to enroll an item, a pharmaceutical organization needs to convey this test in remote nation by spending an enormous testing charge. The expense of Bioequivalence for oral measurement is between USD 100,000 to 300,000 and more in some other countries.4 hence, numerous neighborhood makers don't show enthusiasm for enrolling their items in different nations to trade. High Registration Fees of Importing Countries: Regulatory specialists of bringing in nations charge high enrollment expenses. It makes snags to the little producers to enroll their medications for fare as the higher enlistment expenses may result in lower benefit for them. Therefor just huge organizations are accepting the open doors and market is restricted for those organizations as it were.
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